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Superannuation Funds

Amendments to SIS mean that a superannuation fund with fewer than five members will be known as a Self Managed Superannuation Fund.

Self Managed Super Funds are regulated by the ATO and must comply with the new rules to avoid heavy penalties and possible loss of preferential tax status.

Company Planners Pty. Ltd. is not a Financial Services Licensee or a representative of a Financial Services Licensee and cannot provide any Financial or Legal advice in regard to superannuation funds.

We do not produce this Superannuation product, which is supplied by our partner lawyers, Hall & Wilcox. No person or employee on behalf of Company Planners Pty Ltd has any authority to provide any professional advice or warranties whatsoever in respect to any Superannuation Fund or any document contained therein.

What is a Self Managed Superannuation Fund?

• Minimum of 2 but less than 5 members
• Company as Trustee and all directors of the Trustee Company are members of the fund or; all members of the fund must be individual Trustees

CONTENTS OF THE SUPERANNUATION TRUSTEE REGISTER

-  Steps to Establish a Self Managed Superannuation Fund (Step-by-Step guide on how to complete the documents)
-  Consents
-  Minutes of Meeting (where applicable)
-  Product Disclosure Statement
-  The New Tax Systems Information and Forms (Application to Register for TFN, ABN and or GST)
-  2 x Trust Deeds

Recent legislation has allowed for the establishment of Binding Death Benefit Nominations (please note it must be renewed every three (3) years to remain binding).
Binding death nominations are optional but should be considered by the members of a super fund where there may be survivorship consequences to the distribution of benefits. All members of a self-managed fund must be trustees of the fund. Therefore, when a member dies there are trustee survivorship consequences. The payment of death benefits from a self-managed fund can be made difficult by the interrelationship between the trustees and the members. Moreover, resolving these issues can be complicated because of the emotional time for all the parties concerned.

DEED UPGRADE

It is timely to consider whether your client's SMSF requires updating to reflect recent changes in the legislation governing superannuation funds including various amendments to the Superannuation Industry (Supervision) Act  1993 (Cth).  We can arrange such upgrades; all that is required is a copy of the original Deed, together with any deeds of variation.

This information is supplied as a brief outline only and does not preclude the Ordering Party from fulfilling their legal obligations. Company Planners Pty Ltd cannot explain every responsibility or cover every situation, and in this regard you should seek professional business and financial advice. You will be held responsible for your legal obligations and not Company Planners Pty Ltd.

Company Register We always provide a fully completed Company Register with all your statutory documents as required under section 1302 of the Corporations Act 2001 along with a bank account kit.

Legal Partner Our constitutions are written and updated by Hall & Wilcox Lawyers, and any changes to government regulations are updated immediately